What is General Ledger Software?

Introduction 

If you are reading this article, it is safe to assume that you are either without general ledger software or that your current general ledger solution is not adequately solving challenges within your practice. 

Your team may have outgrown software that didn't scale with your business, security is your firm's top concern, or your general ledger doesn't integrate with your other accounting systems, leading to inconsistencies and workflow issues. 

If you are experiencing any of these challenges, your current general ledger software might not be the right fit to help your practice grow. You need a solution that is best suited to solve the challenges of today's accounting practice. 

If you are wondering which general ledger software would best fit your practice, never fear. The Access Group is here to help. 

As a leading provider of software for accountants in public practice in Australia and New Zealand, we have an intimate understanding of the unique challenges of accounting firms of all sizes. 

In this article, we condense our vast experience into an overview of general ledger software for accountants. Read on to discover how best-practice general ledger accounting software can change your practice for the better and why Access Ledger might be the solution for you. 

What is general ledger software for accountants? 

General ledger software is a core piece of accounting software used by leading accounting firms in Australia and New Zealand to deliver essential compliance tasks. 

This solution's general ledger module is the primary accounting record for your practice. With general ledger accounts, you'll conveniently track all your clients' financial transactions in the cloud. 

Additionally, general ledger software can aid the delivery of daily accounting tasks, including preparing and finalising accounts and creating professional management and financial reports. 

Why do you need general ledger accounting software? 

Digital general ledgers, such as Microsoft Excel, have been a cornerstone of accounting technology for decades. However, as the role of accountants has shifted away from number crunching towards more advanced advisory work, it has been widely recognised that Excel's capabilities can only stretch so far. 

What good is the financial information from a general ledger if you cannot use it to its full potential? 

Enter general ledger software for accountants, creating new opportunities for accountants to dive deeper into their client's financial information and guide them towards money-savvy decision-making. All while saving time, boosting productivity within the practice, and optimising workflows. 

Read our guide for more background on the general ledger. 

What are the benefits of a general ledger system? 

A modern, best-practice general ledger software should distance itself from rigid legacy systems in the following ways: 

• Helping accountants to work smarter: A general ledger system should offer fast, effortless compliance with integrations into other accounting software so that you can follow a continuous workflow process through one application. 
• One place for client work: A general ledger application should offer the convenience of a centralised space to prepare your client's work. 
• Assured safety and security: CrowdStrike identifies that accountants are highly vulnerable to cyber-attacks due to their clients' financial data. With general ledger software, accountants deserve to know that their practice's financial information is kept safe and secure. 
• Forward-thinking software: Automation is no longer a "nice to have" in accounting practice software; it's essential to operating efficiently. Choosing the right general ledger software for your accounting practice means looking forward and ensuring it is future-proofed with accounting automation capabilities.

Introducing Access Ledger 

Access Ledger is Access Accountants' next-generation ledger designed to make life easier for accountants in public practice. 

Our general ledger accounting system is now a GST-enabled bookkeeping tool and general ledger for accountants. Access Ledger also includes the following features to set it above the competition: 

• Comprehensive mapping: Access Ledger contains a revolutionary mapping functionality, making it easier for time-poor accountants to get their accounts up and running quickly. 
• Customer disclosures: Our ledger software contains a flexible note builder to meet bespoke disclosure needs. 
• All your clients in one place: With Access Ledger, you will have a centralised view to prepare your client's accounts, meaning you can optimise your work with a consistent, engaging presentation of accounts. 
• Smart automation: Access Ledger unlocks the power of automation for a seamless workflow with our integrated compliance and practice management software, making it easy to perform all your work in one place. 

From December 2023, Access Ledger will feature integrated bank feeds. Check out our guide to Open Banking for a greater understanding of why bank feeds are imperative to general ledger software. 

In summary 

While you should now know the key benefits and features of general ledger software for accountants, including Access Ledger, our next-generation solution, this article is just a starting point. Take your time, research the market thoroughly and learn more about ledger software features and benefits that will matter most to you. 

A good starting place for your research is our Access Ledger product page, which contains an in-depth look at the capabilities of our revolutionary solution trusted by more than 8,000 accounting practices in Australia. 

Whether you end up choosing Access Ledger or another solution, our team of experts are always here to guide you. Feel free to download our brochure or call us today to discuss what you are looking for in general ledger software and how we can help.